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Autodesk (ADSK) Tops Q4 EPS by 2c, Offers Outlook

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March 6, 2018 4:04 PM EST

Autodesk (NASDAQ: ADSK) reported Q4 EPS of ($0.09), $0.02 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $554 million versus the consensus estimate of $544.74 million.

Business Outlook

The following are forward-looking statements based on current expectations and assumptions, and involve risks and uncertainties some of which are set forth below under "Safe Harbor Statement." Autodesk's business outlook for the first quarter and full year fiscal 2019 assumes, among other things, a continuation of the current economic environment and foreign exchange currency rate environment. A reconciliation between the fiscal 2019 GAAP and non-GAAP estimates is provided below or in the tables following this press release.

Starting with the first quarter of fiscal 2019, Autodesk is adopting the new revenue accounting standard, ASC 606.

  • We will be applying the modified retrospective transition method.
  • We do not believe the new standard will result in a change in timing or amount of the recognition of revenue for the majority of our product subscription offerings and enterprise agreements.
  • We will be required to capitalize and amortize sales commissions under the new standard.
  • We do not expect a significant impact on reported expenses for the full fiscal year, however, the timing of when we recognize the deferred commissions by quarter will vary compared to our historical seasonality.
  • None of the ASC 606 impacts affect cash flow.

First Quarter Fiscal 2019

Q1 FY19 Guidance Metrics

Q1 FY19 under ASC 605 (ending April 30, 2018)

Q1 FY19 under ASC 606 (ending April 30, 2018) (1)

Revenue (in millions)

$565 - $575

$550 - $560

EPS GAAP

($0.34) - ($0.31)

($0.44) - ($0.41)

EPS non-GAAP (2)

$0.11 - $0.14

$0.01 - $0.04

_______________

(1) The move to the new revenue standard will result in a net reduction to revenue and EPS of approximately $15 million and $0.10 respectively, compared to what would have been recognized under ASC 605.

(2) Non-GAAP earnings per diluted share excludes $0.27 related to stock-based compensation expense, $0.09 related to restructuring and other facility exit costs, $0.06 related to GAAP-only tax charges, and $0.03 for the amortization of acquisition-related intangibles.

Full Year Fiscal 2019

FY19 Guidance Metrics

FY19 under ASC 605 (ending January 31, 2019)

FY19 under ASC 606 (ending January 31, 2019) (1)

Billings (in millions) (2)

$2,720 - $2,820

$2,720 - $2,820

Revenue (in millions) (3)

$2,495 - $2,545

$2,455 - $2,505

GAAP spend growth (cost of revenue + operating expenses)

(2.5%) - (1.5%)

(2.5%) - (1.5%)

Non-GAAP spend growth (cost of revenue + operating expenses) (4)

1 - 2%

1 - 2%

EPS GAAP

($0.77) - ($0.59)

($0.92) - ($0.74)

EPS non-GAAP (5)

$0.92 - $1.10

$0.77 - $0.95

Net subscription additions

500k - 550k

500k - 550k

Total ARR growth

29% - 31%

28% - 30%

(Street sees Q1 EPS of 16c on revenue of $584.7 million and FY19 EPS of $1.21 on revenue of $2.55 billion)

For earnings history and earnings-related data on Autodesk (ADSK) click here.


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